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When involved in a pending lawsuit – personal injury, auto accident, JUUL nicotine addiction, roundup exposure, inadequate maintenance, collapsing roof, or more – the financial strain can be overwhelming. Legal funding offers a lifeline to claimants who are facing financial hardship and need monetary support during their legal battle.
In addition, the lawsuit loan can provide you with the immediate funds you need to cover living expenses, legal fees, and pay bills. You can also use the cash advance to buy food and groceries, settle debts, and cater to your other financial needs. However, there are some crucial things to know about legal funding before applying. Here are some important facts and tips for plaintiffs who are considering taking out pre-settlement funding:
The Application Process Is Simple and Easy
Applying for legal funding is a simple and straightforward process. Essentially, you’ll need to provide your personal information, case documentation, such as medical records and police reports, as well as information about your attorney and the legal proceedings. The lawsuit funding company will then review and evaluate the merits and strengths of your case before approving or denying your application.
To apply for free, call (877) 735-0016
No Credit Checks or Income Validation
Unlike traditional loans, legal funding does not require credit checks, employment verification, or income validation. The funding is based solely on the strength and potential outcome of your case, not your personal financial situation. This makes legal funding accessible to a wider range of plaintiffs, regardless of their credit history, financial status, income, or employment status.
Repayment Only Upon Winning
One of the most attractive features of legal funding is that it is risk-free and non-recourse. You only have to repay the cash advance if you win your case or receive a settlement. If you lose, you owe nothing – no repayment of the cash advance or associated fees. This non-recourse financing model minimizes the risk for plaintiffs. Thus, making it the right option for claimants with ongoing lawsuit who are also facing financial distress.
You Can Apply More Than Once
Furthermore, plaintiffs are allowed to apply for lawsuit funding more than once. If your initial legal funding request is insufficient to cover your ongoing expenses, you can apply for additional funding as your case progresses. The legal funding provider will reevaluate your case details and determine your eligibility for additional funds. Your request for more cash advance will be approved depending on your updated information, potential settlement or award, and other factors.
Complete a Free Application form now
Research Companies Before You Apply
Legal funding is a legitimate industry. However, not all providers are honest and transparent. Surprisingly, some dishonest providers try to exploit vulnerable claimants. For this reason, you need to research and compare different legal funding providers before choosing one. You can compare the company’s reputation, track records, interest rates, fees, and customer service. Choose a reputable settlement loan company with transparent practices and favorable terms to ensure a positive experience.
How Much You Get Depends on Various Factors
Furthermore, the amount of legal funding you receive depends on several factors, including:
- The magnitude of your injuries or total damages in your case.
- The estimated value of your potential settlement or award.
- The strength and merits of your case.
- How long the legal process will take?
- The funding company’s assessment of risk.
- Your chances of a favorable outcome in your case.
If you have a stronger case with higher potential awards, you may likely qualify for larger funding amounts.
You Need Your Attorney’s Approval
Before applying for legal funding, you need to consult with your attorney. Most legal funding companies require your attorney’s approval and cooperation throughout the funding process. Your attorney will recommend reputable providers, review the funding agreement, and ensure it aligns with your case strategy and best interests. Also, your lawyer will guide you through the application process and determine how the lawsuit funding can affect your case. Without your attorney’s approval, you may be unable to obtain a lawsuit loan.
Timing Matters
Moreover, the timing of your legal funding application can affect the amount you receive and the associated costs. If you’re experiencing financial instability, it is advisable that you apply for financial support early in the legal process. By applying early, you may be eligible for higher funding amounts based on your potential settlement or financial compensation. Conversely, waiting until the last minute may limit your options. Some companies may even charge you higher interest rates or fees due to the increased risks.
Use Your Funds Wisely
Finally, once you’re approved for settlement funding, it’s essential to use the funds responsibly. You can create a budget and prioritize your essential needs, such as medical bills, food and groceries, living costs, and legal fees. Track your expenses, mitigate impulse buying, and avoid unnecessary spending. Remember, the ultimate goal is a successful resolution of your case. Hence, you should maintain open communication with the lawsuit funding company about the progress of your case and any changes in circumstances.
Final Thoughts
In conclusion, legal funding can provide plaintiffs with the much-needed financial support to navigate the often-complicated, lengthy, and costly legal process. By understanding the facts and tips surrounding legal funding, you can make well-informed decisions, mitigate risks, and increase your chances of a successful outcome in your case – while maintaining financial stability throughout the process.
Do You Need Affordable Settlement Funding Before Your Case Concludes? Contact Us Today
Applying for non-recourse legal funding can provide you with the immediate funds you need to settle your bills and achieve financial relief before your case settles. Call us at High Rise Financial today at (866) 407-6404 to know more about our different lawsuit loan options and the cases we fund. Our reliable team can walk you through the application process and help ensure a favorable outcome.
Call or text (877) 735-0016 or fill out our form to apply today for free.
